Summit Materials Announces a Majority Investment in Continental Cement
May 27, 2010 – Summit Materials LLC (“Summit”), a heavy building materials company, today announced a majority investment in Continental Cement Company (“Continental”). Continental’s new state of the art cement manufacturing and waste processing facilities are located in Hannibal, Missouri, 100 miles north of St Louis. With distribution terminals in St Louis, Missouri and Bettendorf, Iowa, Continental supplies cement to customers in Missouri, Iowa and Illinois. Cement has been manufactured at the Hannibal site since 1903. Continental’s long history of manufacturing high quality product, providing exceptional customer service and strategic location on the Mississippi River complements Summit’s growing heavy materials business in the Midwest. Continental’s management team, led by Mike Johnson, CEO and Tom Beck, Senior Vice President will remain in place.
Tom Hill, CEO of Summit stated, “Continental Cement is an excellent company with a highly experienced management team. We are delighted to have the opportunity to partner with Continental and to expand our presence in the Midwest”.
About Summit Materials
Summit Materials was formed in 2009 to develop a leading business in the aggregates and heavy-side building materials sector through strategic acquisitions. Summit Materials was founded by its CEO Tom Hill and a group of investors that include members of its management team, Blackstone Capital Partners V L.P., Silverhawk Capital Partners and Charles “Chip” Goodyear, former CEO of BHP Billiton. Tom Hill is the former CEO of Oldcastle Inc., the US division of CRH, plc. Other Summit companies are Hamm, Inc. in Perry, Kansas (acquired September 2009), Hinkle Contracting Company in Paris, Kentucky (acquired February, 2010), and Cornejo & Sons in Wichita, Kansas (acquired April 2010).
About The Blackstone Group
Blackstone (NYSE: BX) is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm accomplishes this through the commitment of its extraordinary people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, funds of funds, credit-oriented fund, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com
About Silverhawk Capital Partners
Silverhawk is an independent investment group established in 2005, to invest in management buyouts and other private equity transactions in the Industrial, Energy/Natural Resources and Business Service sectors. The partners of Silverhawk have invested as a team and operated businesses since 1989. Further information is available at www.silverhawkcapitalpartners.com
Contacts:
For Summit Materials:
Michael Brady
202-339-9509
For Blackstone:
Heather Lucania
212-583-5452
For Silverhawk:
Matt Sheehy
203-861-2905